Millions of Hoosiers complete tax returns every year. Whether you have years of tax filing experience or you’re a first-time filer, these tips will help you have a simple and stress-free tax season.
- Determine whether you need to file. If you live in Indiana, work in Indiana, or have income from Indiana sources, you likely need to file an Indiana tax return. Resources for individual taxpayers are available at www.in.gov.
- Gather the necessary documents. You need your Social Security number and financial documents received from your employer and banks, including a W-2 Form.
- Review last year’s tax returns. Some of the information from the previous year’s tax returns may be the same.
- File electronically to keep things simple. The majority of Indiana taxpayers choose to file electronically. Not only is e-filing convenient and secure, but e-filed returns are processed and refunds issued much faster than paper-filed returns. Additionally, about two-thirds of Indiana taxpayers qualify to e-file their federal and state taxes for free using Indiana freefile (INfreefile).
- Check your work! E-filed returns have a two percent error rate while paper returns have a 20 percent error rate, but no matter which filing method you use, be sure to check for errors before submitting your return. Errors can result in longer processing time and delayed refunds.
- Don’t fall for tax scams. Identity thieves can use your personal information to file a fraudulent tax return in your name. The Indiana Department of Revenue’s Identity Protection Program helps protect Hoosier identities and tax dollars.
As always, contact your Somerset advisor or get in touch with us at email@example.com if you need assistance.